Evergrande mostly higher; Country Garden, Kaisa rally; PBF softens; Diamond Sports up

By Cristal Cody

Tupelo, Miss., Jan. 21 – Distressed bonds in China’s property developer space capped the week off mostly stronger on Friday.

China Evergrande Group’s notes were mixed in light trading following the distressed property developer’s announcement that it is “actively looking for solutions.”

Evergrande’s 9½% senior notes due 2024 (C//C) rose to 17 1/8 bid from 12 bid in the prior session, a source said.

Country Garden Holdings Co.’s 4.8% first-lien senior notes due 2030 (BB+/BBB-) improved 3 points to 83½ bid following a convertible bond offering.

Kaisa Group Holdings Ltd.’s 11¼% senior notes due 2025 (C//C) rallied 5 points to 25 bid on $3 million of volume.

Overall distressed secondary action remains light so far in 2022, sources report.

“We had a decent amount of new issues yesterday,” a source said of junk issuance. “I imagine distressed will start to pick up soon with the Fed not just pumping cash into the economy.”

PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) shed about 1 point to the 79 bid area by the close.

Diamond Sports Group LLC’s 12¾% senior secured notes due 2026 (Caa1/CCC) hit 91¾ bid on Friday, up 14½ points on the day with $3.77 million of paper traded.

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